Minister for Finance Jānis Reirs: Supervision of participants of the financial sector and introduction of reforms constantly is and will be the priority of the FCMC
08/07/2019

On Thursday, 4 July, Pēters Putniņš, Chairman of the Financial and Capital Market Commission (FCMC), and Gunta Razāne, Deputy Chairwoman of the FCMC, submitted information to the Chairperson of the Saeima (the Parliament) about their resignation, in accordance with the provisions of the Law On FCMC. It should be emphasised that the FCMC has to continue working in accordance with the objective determined for it - to promote the protection of interests of investors, depositors and insured persons and development and stability of the financial and capital market, as well as the prevention of money laundering and terrorism and proliferation financing.

“Successful operation of the FCMC is currently particularly important, taking into account the necessity to introduce Moneyval recommendations in order to strengthen the prevention system for money laundering and terrorism and proliferation financing and I will invite to also propose it as a significant priority for the chairperson of the FCMC proposed for the transitional period,” emphasises Jānis Reirs, the Minister for Finance.

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In accordance with amendments to the Law On FCMC, coming into force on 1 July of the current year, the new procedure for appointment of the FCMC was determined. The new procedure provides that further on there will be three members - a chairperson and two members of the Council - instead of the current five members of the Council of the Commission. The chairperson will be approved by the Saeima on the basis of the recommendation of the Cabinet and members of the Council on the basis of the recommendation of the chairperson of the FCMC for a time period of five years.

The Cabinet will choose applicants by an open competition, and one and the same person will be able to hold the office of chairperson or a member of the Council for not more than two periods in a row. In accordance with the amendments to the Law, the applicant for the position of chairperson of the FCMC shall be proposed for approval of the Cabinet in the Saeima until 1 October of the current year, and the current head of the Commission shall perform his work duties until the approval of the new chairperson or until the day when the Saeima has discharged him from office.

Meanwhile, in order to ensure continuance of the activities of the FCMC, it is planned that in the case if the Saeima discharges the current chairperson or deputy chairperson from office, until the day, when a new chairperson and members of the Council are appointed in accordance with the new procedure, the Saeima may appoint a temporary chairperson or a member of the Council from among the employees of the Commission for a temporary period of time on the basis of the recommendation of the Minister of Finance and Council of the Bank of Latvia. The number of members of the Council during the transitional period shall be at least three.

The Minister for Finance will perform interviews with the potential candidates in order to recommend a candidate of the chairperson for the transitional period to the Saeima as soon as possible, pursuant to the joint recommendation with the Council of the Bank of Latvia, until the moment when the Saeima will appoint the new chairperson and members of the Council of the FCMC in accordance with the new procedure.

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